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Libya Review
3 days ago
- Business
- Libya Review
China Remains Libya's Largest Import Supplier in 2024
Italy remained Libya's largest export destination in 2024, receiving goods worth $6.89 billion, according to data released by the Research and Statistics Department of the Central Bank of Libya. The figure represents a 14% decline compared to 2023. Germany ranked second with $4.74 billion in imports from Libya, also recording a 10% drop from the previous year. The United Kingdom followed in third place with $2.79 billion, while Greece and Spain came fourth and fifth with $2.626 billion and $2.624 billion respectively, separated by a narrow margin. The report highlighted that 68% of Libya's exports were directed to the European Union, with Italy accounting for the largest share. The United States received $1.49 billion worth of Libyan exports, ranking sixth, followed by the Netherlands ($1.27 billion) and China ($1.16 billion). At the bottom of the list, Singapore imported just $33.6 million from Libya in 2024, while Turkey recorded $555 million. Overall, Libya's exports to its top 14 trade partners totalled $27.87 billion, marking a 7.8% decrease compared with 2023, when the figure stood at $31.17 billion. In a separate report, the Central Bank revealed that Libya's imports from its 16 largest suppliers reached $18.65 billion in 2024, down marginally by 0.8% compared to $18.77 billion in 2023. China was Libya's top supplier, exporting $3.58 billion worth of goods, though this represented a fall of $350 million from the previous year. Turkey followed with $2.79 billion, while Italy came third with $2.46 billion. Egypt was the leading Arab supplier and ranked fourth overall with $2.13 billion, ahead of the UAE ($1.63 billion) and Greece ($1.18 billion). Cyprus, Tunisia, Germany, and the United States completed the top ten, while Malta was the smallest supplier, exporting just $31.2 million to Libya. Tags: cblCentral BankChinaeconomyItalylibya
Libya Review
02-06-2025
- Business
- Libya Review
Libyan Central Bank: Foreign Trade Rises by 35% Over 4 Years
Libya's foreign trade has grown by an average of 35.8% between 2021 and 2024, according to a new report issued by the Research and Statistics Department at the Central Bank of Libya. The report, which analysed external trade data over the past four years, attributed the overall increase primarily to the significant rise in exports, which recorded an average growth rate of 62.6% during the same period. However, the report also highlighted a 6.1% decline in total trade volume in 2024 compared to 2023. This drop was largely due to a 10.2% fall in oil exports, as global crude oil prices saw a noticeable decline. The Central Bank noted that fluctuations in global energy markets continue to impact Libya's trade performance, with oil remaining the backbone of the country's export economy. Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations. Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy. The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions. The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition. Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
